The currency which is imitated with illegal sanction of state and government is counterfeit currency. Every country incorporates a number of security features for its currency security. Currency counterfeiting is always been a challenging term for financial system of any country. The problem of counterfeiting majorly affects the economical as well as financial growth of a country. In view of the problem various studies about counterfeit detection has been conducted using various techniques and variety of tools. This paper focuses on the researches and studies that have been conducted by various researchers. The paper highlighted the methodologies used and the particular characteristics features considered for counterfeit money detection.